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Given the outperformance of large-cap (23 percent) and mid-cap (58 percent) stocks in the past year, brokerage house Investec believes the probability of a correction (10 percent drawdown) in 2024 is high.
The options data clearly indicated that 21,700 is expected to be an immediate hurdle for the Nifty 50, while immediate support may be at 21,600.
The Nifty index hit a new high of 21,006.10, rising as much as 105 points in intra-day deals. It ended at 20,901.15 in the previous session (December 7). It took the Nifty 61 sessions to hit the 21,000 mark after hitting the 20k mark on September 11, this year.
Even though the Indian equity market declined for the second straight session on Friday and has been on a consolidation path since the second half of September, it is less than 3 percent away from peaks hit earlier last month.
Chase any Nifty bounce with caution now; Metals, Pharma, FMCG look better placed SECTIONS Chase any Nifty bounce with caution now; Metals, Pharma, FMCG look better placedBy Milan Vaishnav, CMT, MSTA, ET CONTRIBUTORS Last Updated: May 22, 2021, 12:27 PM IST Share Synopsis The headline index closed with net gains of 497 points (+3.39%) on a weekly basis to finish on a broadly strong note. Getty Images Nifty PSE Index has slipped inside the weakening quadrant. Despite intermittent hiccups, the week gone by turned out to be much better than expected for the Indian market. Nifty not only averted ...